How did globalization affect the US economy in the 1990s?  



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pohnpei397's profile pic

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Looking specifically at the United States, globalization had a mixed impact on the economy.

On the one hand, globalization was helpful to consumers in the United States.  Globalization allowed consumers to benefit from lower prices that could be gotten by importing things from low-wage countries.  This process was seen most clearly in the rise to power of Wal-Mart during this decade.

On the other hand, globalization hurt specific sectors of the American economy.  Most specifically, it was workers in relatively low-skill jobs in manufacturing who were hurt.  They tended to be outcompeted by workers in poorer countries.  Manufacturing jobs also declined due to increasing automation as US firms tried to become more efficient so that they could compete with foreign companies.

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To what extent does the war on terrorism represent a break with previous United States foreign and defense policy?

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